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She should save $38,450.39.
The formula for the amount of money in an interest-bearing account that is compounded is
where A is the total amount in the account, p is the amount of principal invested, r is the interest rate as a decimal number, n is the number of times per year interest is compounded, and t is the number of years. Using our information we have:
Divide both sides:
The formula for the amount of money in an interest-bearing account that is compounded is
where A is the total amount in the account, p is the amount of principal invested, r is the interest rate as a decimal number, n is the number of times per year interest is compounded, and t is the number of years. Using our information we have:
Divide both sides: